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New York & Tri-State  + Outer  + Finance  | 

$102M PGIM RE Loan Buys Bay Ridge Affordable

PGIM Real Estate Finance has provided a $102-million Freddie Mac acquisition loan to Jonathan Rose Companies for Shore Hill Housing, an affordable and elderly housing property in the Bay Ridge neighborhood of Brooklyn. The 10-year, fixed rate loan will be used by the borrower to acquire the property, complete repairs related to green efficiency upgrades and cover transaction costs.

The property includes two 14-story buildings totaling 558 units that are age-restricted to individuals 62 and over, as well as a single-story community building close in vicinity to public transit, grocery stores, banks, recreational centers, parks and healthcare facilities.

“This financing will help preserve an important affordable housing property in a neighborhood of Brooklyn where rents continue to rise,” said Alex Viorst, principal at PGIM Real Estate Finance. “We are proud to partner with the Jonathan Rose Companies on this significant investment in affordable seniors housing in New York City.”

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Sale/Acquisition
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